The trade balance of Canada moved to surplus in August
The trade balance of Canada moved to surplus in August
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OTTAWA: Canada's trade balance with the rest of the world moved to a surplus position for the first time in almost two years as imports and exports fell.
Canada posted a trade surplus in August of 526 million Canadian dollars ($ 408 million), Statistics Canada said on Friday, marking the first surplus since December 2016.
Trade data for the previous month was revised to show a deficit of C $ 189 million, compared to a previous estimate of C $ 114 million.
The August trade data comes less than a week after Canada announced it would join a new North American trade agreement. The agreement between the United States and Mexico and Canada.or USMCA, is expected to boost national business investment and economic growth after more than a year of uncertainty about whether the trade pact will be renewed.
Economists have said that the settlement of the trade agreement gives them greater confidence that the Bank of Canada will raise the benchmark interest rate overnight in an announcement scheduled later this month.
The movement to a surplus trade position in August was driven by a 2.5% decrease in imports, to C $ 50 billion. Imports of aircraft and other transport equipment and parts fell by 27.8% to C $ 1.3 billion, while imports of consumer goods fell by 3.7% to C $ 10.5 billion. Import volumes decreased 1.5% in the month.
Meanwhile, Canadian exports fell 1.1% to C $ 50.5 billion in August, led by lower exports of automotive vehicles and parts, and metallic and non-metallic mineral products. In volume, exports fell 0.7%.
The trade surplus of Canada in goods with the United States reached almost a maximum of almost C $ 5.35 billion in the middle of a decrease of both exports and imports. Exports to the USA UU They fell by 1.2% in the month and imports from the US. UU They decreased by 1.3%.
Write to Kim Mackrael in kim.mackrael@wsj.com
SOURCE LINK ERESVIRAL.COM https://www.beviral.online
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